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NEW YORK – The Bonnier Group has closed on its purchase of 18 magazines from Time Inc., and that company will now combine its Parenting Group and Time4 Media titles with the Sweden-based Bonnier’s U.S. magazine partner, World Publications, to form a new company called Bonnier Corp.
The new company will include 12 titles associated with the marine industry including Yachting, Motor Boating, Salt Water Sportsman, Cruising World, Sailing World, Power Cruising, Boating Life, WaterSki, Sport Fishing, Fly Fishing in Salt Waters, Marlin and Wake Boarding Bonnier reported in a release yesterday.
Terry Snow, founder and president of World Publications, has been appointed CEO of the new Bonnier Corp. Additionally, Dan Altman, COO of World Publications, has been promoted to COO of the new company. Corporate headquarters will be in Winter Park, Fla., with offices throughout the U.S. including New York, Colorado and California.
“I am personally very excited about this new opportunity,” Snow said. “Our main focus is to develop these great brands and invest in multiplatform and digital strategies to expand the business.”
Jonas Bonnier, executive vice president of Bonnier’s global magazine group, will serve as chairman of Bonnier Corp.
AdMedia Partners Inc. and J.P. Morgan Securities Inc. acted as financial advisors to Bonnier and Time Inc., respectively, on this transaction.
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